The Wall Street Journal from New York, New York • Page 6

ITS NATIONAL CI1Y BANK. OCCUPANCY OF OLD CUSTOJI RECALLS ITS EARLY HISTORY. 1891 2,122.000 11,566,300 1896 3.557,000 22,796,500 1901 6,603,300 111.211,000 190G 20,603,400 139,755,600 James Stillman, who wax ulready elected president on November 19, 1891. HOUSE Place for Reconstruction of Building Art Now Completed SMlman' Ambition as to Hi Bank First Board of Directors Administration of Moses Taylor Reeult of Stillman's Labors Criticism of Pur-chat of Custom House Site. It is understood that plans and datigm for th remodelling of the old Custom House for tha National City Bank have already been made and copies of them have been sent to James StiUmun for his revision.

The work of altering the building riil commence as soon as the customs department moves into its new home at the foot of Broadway, which is now almost completed. Nothing has been made known as yet of the intended alterations. It is certain that the building will have to be practically rebuilt inside to meet the requirement of a banking house. The reconstruction and decoration ot the building, carried out according to Mr. Stillman's ideas, it is understood, will cost a considerable sum.

It has always been James Stillman's ambition to make hia bank the largest in the world and his purchase of the Custom House was the fulfillment of his dream to give the Cicy Bank a permanent and suitable home, second only to the Bank of England. The first building on the site of the Custom House was erected by the Merchants' Exchange Company in 1827, and was occupied in part by the New York Stock Exchange. The building was destroyed by the fire of December 16, 1835, reconstructed in 1842, and again partly occupied by the Stock Exchange until 1854. The Customs Department of the Government which was formerly in the Sub-Treasury, has occupied th building since Aside from Mr. Stillman's ambition it would seem that there is a sentiment about the National City Bank occupying an old Government building.

The bank commenced business in the banking house of the old United States Branch Bank, which was on its present site. Furthermore, the City Bank was chartered in 1812, the beginning of that new era in banking which followed the closing of the Bank of the United States. The charter of the Bank of America, which was designed to be a successor of the Bank of the United States, and that of the City Bank were obtained at the same session of the Legislature. Subscriptions to the stock of both these banks were payable in stock of the old United States Bank at par. The.

City Bank and the war with Great Britain began together end even in its early days this bank took a hand in federal finances. Of the Government loan of 1813 the City Bank subscribed $500,000 and was among the most encrpetic in sustaining the Government during the war. The first board of directors consisted of the following: Samuel Osgood, Benjamin Bailey, Abraham Blnodgood, Samuel Tooker, Henry Fanning, Peter Stagg, Ichabod Prall, William Cutting, John L. Norton, William Furman, Pierson, John Swartwout, Grove Wright, Jaspar Word. William Irving, Samuel Osgood was the first president.

In 1814 he was naval officer at this port. His successors and the period they held office are shown below: 1812- 1813 Samuel Osgood 1813- 1817 Colonel Willium Few. Peter Stagg. 182.V1827 Thomas L. Smith.

Isaac Wright. 1832-1844 Thomas Bloodgood. Gorhom A. Worth. Moses Tavlor.

1882-1891 Percy R. Pynje. James Stillman. Peter Scagg was of the firm of Thomas Peter Stagg, merchants in South street; which firm also subscribed $25,000 to the 1813 Government loan. Thomas Blood-good was a merchant in Front street.

Gorham A. Worth was previously cashier of the Branch Bank of the United States at Cincinnati, and later cashier of the Tradesmen's Bank, of this city. In 1827 nn attempt was made by certain interests to change the character of the bank. It had a briof success but was neutralized shortly afterwards. In 1852 it was reorganized under the general banking law of the State and in 1865 come under the national system with the name of the National City Bank of New York.

The capital was increased in from $800,000 to $1,000,000. 3h 1856 it was the subject of a sensational burglar-. Some $80,000 was taken. The City Bank owes much of its early prosperity to the administration of Moses Taylor. He was forty-five years a director and president for twenty-six years.

Before his connection with the bank Mr. Taylor was a purchaser of mercantile paper and later was engaged in the trade with the West Indies. He held a prominent place among the merchants of hia day. When Percy R. Pync succeeded him in 1882, the bank's surplus was about $2,000,000, loans amounted to $7,500,000, and deposits, $6,500,000.

The surplus, loans and discounts. cnn holdings and deposits at the end of every five years beginning with 1886 to the end of last yeur are shown here: BimPIXS LOANS CASH DEPOSITS 188G $2,000,000 $4,756,700 4,661,400 13,251,300 8.705,400 26,673,600 29.509,000 121.096,009 31.580,300 115,168,500 a director, was The position of the bank then was a strong one. The surplus and un divided profits were $12,249,500 and deposits, $12,395,000 the deposits at that time of all the associated banks were only about $400,000,000. Even though the bank was in a strong position, Mr. Stillman sought at once to extend it nnd broaden its sphere of influence.

He and tho Taylor estate owned a controlling interest in the institution and the work of developing its resources was left wholly to Mr stillinnn Tn this end he hroueht such men as Robert Bacon, of J. P. Morgan H. O. Havemeyer, William Rockefeller, Jacob H.

Sehiff and others of large financial interests, to be associated with him on the board of directors. The fact that the deposits rose from $13,251,000 1891 to $26,673,000 in 189C, $80,000,000 in 1898, and in 1901 bears witness to the result of his labors. In 1897 the consolidation of the Third National Bank with the City was effected. James Btiuman became president of the Second National Bank in 1898, and the interests of the two banks then became identical, the latter be coming practically the uptown branch of the City Bank. On January 9, 1900, the number of directors was increased from seventeen to twenty-one.

The new directors added to the board were: E. H. Harriman, Moses Taylor, a grandson of President Mows Taylor, A. G. Loom is and W.

S. Bogert. In August, 1900, James Stillman acquired the interest of the late Cornelius Vanderbilt in the Lincoln National Bank, which waa a Vanderbilt institution, thus bringing another bank under the influence of the City. 1 On July 8, 1890, the purchase of the Custom House was consummated. Much has been said and written against this transaction.

Probably nothing that either Stillman or Secretary of the Treasury Gage over did has subjected them to more hostile criticism than this transaction. It is certain, however, that both the City Bank and the Government profited by the sale, the latter receiving $3,265,000 for the ite $265,000 more than waa designated by Congress. Stillman had been authorised by his directors to bid $3,100,000 for it and tie took upon himself the responsibility of adding $165,000 afterwards, when making the bid. Until such time as the Government should vacate the building it agreed to pay the City Bank an annual rental of 4 on the purchaae price. It was the fact that the amount paid was deposited or tne government in the City Bank again and that Mr.

Stillman kept back $50,000 of the sum until he took title to the property' that gave rise to all the criticism. It was charged that the City Bank received undue favor. But it is safe to say that had any other bank been placed in this transaction with the Government, it would have fared similarly. The Government at that time was not In need of money. It was putting money in the banks throughout the country.

Only a bank with large resources could have afforded to pay $3,000,000 for ita bank building and to such a bank that turn of Government deposits would not be out of proportion. Furthermore the National Banking Act forbids a bank to hold Mai estate except the building which it occupied and for that reason the National City Bank waa not able to take title to the Custom House property until it actually occupied It. The capital was increased from 11,000,000 to on January 1000. This raised the loaning capacity of the bank to meet the demands of its now increased business. It was arranged that the stockholders snouid subscribe to 85 of the new stock at par and the director were to take up the remaining 15 at the book vaiue or tne stock, 9150 per share.

Frank A. Vandorlin was elected vice-president July 9, 1901. In November, 1901, Stillman became a director in the National Butchers' and Drovers' Bank, and subse quently the Citisens' Central National Bank, and with it the Ninth National Bank came under the control of the City. Steps were again taken to increase the capltallsa tion of the bank, and on June 2, 1902, the- capital was raised from $10,000,000 to $25,000,000, and surplus Xrom $70 0T0 to $16,000,000. The 150,000 shares of new stock offered to the stockholders at $150 per ahare.

This brought the total capitalisation of the bank to $66, 000,000 what it is now I. e. capital, $26,000,000, liability oi stockholders, $25,000,000, and surplus, $15,000,000. DOMINION COPPER. COMPANY DOUBLING PRODUCTION OF COPPER, New Big Furnace to be Blown in- To-day Net Earnings Shuold Reach $100,000 a Month.

Boston Almost simultaneously with the retirement out of not earnings of $200,000, or 20, of its outstand ing mortgage bonds, the Dominion Cooper is doubling it production of copper. On Monday the lone anticipated blowing in of the company's now big furnace will take place, and the com pony ahould double ita present output, resulting in es timated net earnings of at least $100,000 oer month. The plant will now have a an-crty of 1.500 tons per day, and allowing for shutdowns, the average tonnage treated will be at Wat 1,200 tuns per day. With this out put of ore the management expects a production of pounds of copper per annum. During the past rear the operation and development work at the mines has been changed from steam to electric powor.

Most of the maohinery at the mines has also been replaced with new. The smelter has been rebuilt, its capacity doubled and changed from steam to electric power. The economies in operation which will result from these improvements should enable the company to make Its copper at a coat of under 0 cente per pound; it is expected that better than 8H cents will be reached With copper at 25 cents per pound the company should earn 25 on the par value of its stock, after retiring each year $100,000 of its outstanding mortgage bonds from net earnings and after providing for all fixed charges. With copper at 20 cants per pound, the company should earn 17 on the par vnlue of its stock. After paying for the building and installation of the new big furnace, togsthcr with all the other improvements tit the mines and smelter, besides retiring the bonds, the company has on hand over $400,000 in cash.

This strong financial showing will enable the company to go on a dividend basis at once. In anticipation of the present large tonnage now being inaugurated, the company has spent a large amount on development work during the present year. The Rawhide, Brooklyn and Idaho mines, situated in Phoenix camp, and adjoining the properties of the Granby Mines Co. will furnish 700 or 800 tons of ore per day, the balance coming from the Sjnsct and Crown Silver properties, in the Greenwood camp, adjoining the Mother Lode, the principal proilui-cr of the British Columbia Copper Co. Title to the Athelstan mine is now vested in the Dominion Copper Co.

Several thousand tons of this ore, averaging $6 to $8 per ton in gold, have been run through the Dominion Copper smelter. Exploration and development work is now progress, and ore from this property will be shipped within the next two or three months. The company dins not contemplate being satisfied with nn nutmit of 1.200 tons oer day. and M. M.

Johnson, the chief engineer of this company, has been instructed by tne Iiaydcn. Stone Co. say: There is no longer any doubt that the copper market is decidedly lower than it has been. Who knows how low the price will go? If it were not for the various laws to prevent restraint of trad, it would be on exceedinfly easy thing for five ot six well concentrated producing inteiteta in this country to maintain the price of capper at 18 to 20 cents a pound, nnd possibly to do so at 25 cents a pound. It goes without saying that any such undertaking too long persisted in would threaten ruin for the industry.

In this wonderful era of new construction the demand for timber, iron and copper has kept on increasing by leaps and bounds and we are prone at times to think that this period of con struction will continue lntienniieiy. is wen oear in mind that these huge construction works are paiil for out of the accumulations of wealth, and no matter now huge those accumulations, we are apt to run into period of considerable duration in which those accumulations appar-cntlv are exhausted. Some time this revelation is accompanied by a ciais and sometimes by a mere halt Looking abroad to-day it would seem as though there is no occasion for anything more than a halt. There is very little any- In hi world to malce lor ony serious iwa ui vuitii- i noMible. therefore, that an artificial determina tion of the price of copper might be entirely successful for a long time and certainly there is a great temptation 4 nmethini' of the kind.

In a minor way one of the effects of having the prica eonner too high is to be seen in tne joss or. position this country in supplying the world's markets with copper, i net exports of copper were in the neighbor hood of 8,000,000 pounda, as against over 20,000,000 sounds in the same month a year ago. The exports 0f I th month of May have been very much lighter thanin April, and, possibly, there has been no net export of cooper whatever during muuw that the visible supply of copper abroad is being drawn upon all the time, and is now lower than for a long time past ana very -haustion. MANUFACTURES IN CANADA. The center of the manufacturing enterprise in Canada toward which much American capital is moving, is Montreal.

Last year the product of these -workshop to $100,000,000, compared with $71,000,000 five yearTago. Toronto last year produced $85,000,000 worth compared with $58,000,000 five years earlier. The manufacturing returns of Canada for the. last frftaen year, have been as Wlows: $368696(722 712,664,835 7 The' increVse'ln 1906 over 1901 was $231,356,652, or 80 eTniri.enW over 1901 waa or 48 per cent, in five years. SOUTH MANCHURIA RAILWAY.

WashingtonThe freight returns of the South Man-chnrian Railway for February amounted to $151,760 gold, while the passenger receipt were $97,500. The averag daily receipts per mile were $16.80. The February receipts have alway been the smallest of any month in the year, and as compared with January the total receipts were $114,800 lea and the daily average receipts per mils S5J0 lest. it r. J- 1 STANDARD OIL" ITS POSITION IN THE RAILROAD AND COPPER SITUATION.

A Consideration of Some of the Popular Agitation Against the Company, Which Control 85 Per Cent of th Oil Product of the Country and Ha Become an Enormou Factor in Copper Without Tariff Protection. Bnston The Boston News Bureau says: People who think that the right of the Standard Oil people to a busi ness existence in this country is based upon tariff pro tec tion, rebates, fraud or the fictions of frenzied finance would do well to sit down calmly in this time of present political and threatened tariff agitation and ponder two facta which are now at the surface as never before. To wit: First The latest investigation of Standard Oil shows it to be in control of 85 of the oil products of this coun try, exactly the figure the Boston Newt Bureau gave some years ago and just the point where the Standard Oil people mean to maintain it They recognise that they need about 15 of opposition to keep their organisation in good business trim. Now that organisation exports from the united States $100,000,000 worth of oil and oil products per annum without government favoritism, bounty or tariff protection. This business organization is not only ham pered by all aorta of political attack and investigation at home, but the official hand of every government in Europe it against it to keep down the American import of oil and substitute European production.

A large part of the public opposition to Standard Oil has been developed from the railroad rebate, when the rebate was a necessary adjunct of every large business. The railroad rebate has been strangled, but a second fear arose mat tne standard Oil people might soon be in con trol of all the railroads. This is the real source of popu lar opposition to railroad expansion by holding companies and amalgamation. It is not personal opposition to Mr. Harriman.

It i simply the fear of what Mr. Harriman might ultimately stand Tor his aggressive policy of railroad expansion and centralised control. The man is yet to rise up and put his nnger with proof upon what E. H. Harriman has done morally or legally wrong.

It is tha old. old awry, "We have no king hut Caesar," and then Caesar is found stabbed to death In the market place "because he was ambitious." A large part of the recent popular agitation against Standard Oil resulted from the promotion of Amalgamated Copper by Standard Oil people and the so-called attempt to crush F. A. Hemze as an individual miner in Montana. It took seven years of the bitterest legal political and underground warfare to demonstrate that the Individual could live in business against the edict of 26 Broadway.

Mr. Heinse had to sell his disputed territory before there could be a settlement, and then a settlement wst made on exactly the lines Mr. Heinse had years before proposed arbitration through disinterested engineers to define boundaries. There never was a time when Mr. Heinse would not have settled the disputed boundaries upon the lines and terms where they were finally adjusted.

In the contest Mr. Heinze had to attack the Standard Oil and ita methods of crushing individual competition with the result that he aroused the interest of the whole country in the most dramatic individual business contest the world has ever seen. When Amalgamated Copper dropped from ISO to 8S, thousands of people, great and small throughout the country, who had lost money therein by accepting the Frenzifler's invitation to share in Standard Oil buitiness profits, became not only critics but enemies of Standard Oil and ready to shy the largest political brick at any Standard Oil head. And the one man who bewitched the Standard Oil people into the copper field with promises of profits in copper greater than in oil, got away with the millions board of dirnctoi lu prepare plans for an additiona! l.i'Oi- ncj fought the Standard Oil through eimieiw. vlikpieik itv Th cash on hand IS mure I U- I Ul iri'iixiuu linnnrc mr yv mure nilliivns, jmiKiiying mr than sufficient to instai inw auumonai cihu.hj, the issuing of any aditional capitalization, and winoui using any of the net earnings from operation oi me present rapacity, but allowing these earnings to go to the share holders in dividends.

The present capacity of the Dominion Copper Co. is about one-half that of the Granby Co. The capitalisation of the Granby Co. is selling in the market for a total ol nv Kig.nnn.hon; the eanitulitation of the Dominion Cop. Co.

i bonds and stocks) is selling in the market for less than $4,000,000. All labor disputes in lUi the boundary district and the Crow's Nest Tuss district have been amicably adjusted, so that there is nothing in sight now to prevent the mines of the boundary district from running to their full capacity. THE COPPER SITUATION. Longer Any Doubt that the Market is Decidedly Lower Say Haydrn, Stone Co. public against all finance or "system" in which he did not participate.

Now the second interesting resultant fact stands forth. The Standard Oil people, after getting into copper, stood by it and to-day the exports of copper from this country are nearly equal in money value to the exports of oil and oil products. At the present price of copper the exports are ap proaching a money value of $100,000,000 per annum, for they are above 30,000,000 pounds per month, and at about 2j cents per pound. The Standard Oil people have not yet reached the point of 85" control in the copper industry, but as producer or selling agent they are now potential up to about 60. The point to lie remembered in considering trade results readied is that copper exports, which a few years ago were under $40,000,000 per annum, are nuw approaching the $100,000,000 mark and with no tariff protection or bounty stimulus no other stimulus than thai of war; the war in the Butte hillsiJe which has deepened and widened the area of copper production and tremendously increased the output and also the stimulus of war in frensiod finance which made it impossible for the Standard Oil people to withdraw or turn over their copper interests to anybody else.

They have, however. Been the light after the battle of ballots and public sentiment and to-day the Butte Mountain is the freest copper mining camp in the world with the Amalgamated smelter inviting custom ore and the full development of the industry. The important point, however, to be considered, economically, in the present threatening political agitation is that in both oil and copper the Standard Oil people are not only without tariff protection, but pay the highest labor wages, and make the lurgest exports. INDICTED FOR REBATING. Toledo W.

H. Bennett, general freight agent and manager of the Ann Arbor Railroad, has been indicted on twenty-three counts for rebating. He is liable to a line of $460,000. THE IRON TRADE IN VERM AN The flnnnclnl otwrrrlng tlrn Into of the Iruu trade Willi uuuftiinl Inti-rom ulncv the rrniwnl of Dip Mtecl Ver hnnd. I.nst week Wcntcm nrtvuiuiprr rrontPd surootulng of a wnnnllon liy printing mmminll.r pi-ulmladr trpnrt on the atntf of the trnile, vrhlnu clalmi'ilisl the ortlrr of the Verlinml tnkr-n In the firm bnlf of the month for truotuml forms of lil wrc only ot the amount revived Innt year for the like period nnd list priced.

It was further awerted, were do longer ad hered to. Thru atatement attract rd so much attention, thnt the man agemnnt of the terhand mine forward with a correction. It admits. Indeed, that the hooking of orders for atructnral goods la behind that of luat your, but the reduction Is attrlbutod solely to the fact that the Verhand decided to book for the present only 00 of laat year'a boalnpsa In these foods, peudlng the arrange' went of a modo vlvendl between the work and certain large Arm of dealers. Tbla baa prevented home buslncaa from saantu-lug Us normal setlrlty.

It Is added that the demand from abroad I very good. The Verlwnd's shipments of riasa A gooda (rails, structural forma, and half-rolled material) amounted to 482,000 tons Is April, and they wonld have been atllt more, adda the report, If the works had been able to produce more. The statement concludes with the remark that there Is no lack of orders and apeelflcatloua. Uerlin Correapondenee Ixndon Economist. THE Ti'RN-ABOl'T IN PIBLIC PATRONAGE.

This Idea of the sacred neaa of Important public ollli'e agalnat political collusion la nothing to be solemn about. "It Is ti laugh." The reciprocity plan of ottlecholdlng and party practice, which has to some estent been wrongfully described as "spoils," has prevailed almost since the beginning of our republican freedom, and Is atrongnr now than ever before. Of course, Mr. RooMvelt Is using his appointment wherever It la practical to do so, against the advancement of Senator Foraker ambitions. Isn't that what all ot them, the beat of them, hart bees doing all along? The amenities which may pans between the I'realdent hod Senator are proper, and admirable.

Tbnt Is what puts the polish on gentlemen; but when It eemes to war, Mr. Roosevelt would not hesitate to let a poatofflcs building or an Internal revenue construction, or a diplomatic post, or anything ponderous, fall on his dear friend Senator Foraker snd crush him beyond recognition by bla old army friends or college chums. And will not Senator Foraker do the same thing to the Rtrennona" In the mntatlous of tlino be gets the oppor tunity? Oh, say! Wouldn't yon Ilka te ba there to set what wonld hspoanf Cincinnati Enquirer- UNITED COPPER. Rich Strike Made on Lexington Property Company Inter- mea in rennsytvania coal Land. A strike of 4 ore has been made in the Lexington mine which is owned by the United Copper Co.

The strike was made at the 1,000 foot level and assays show the ore to-carry 4 copper and gold and silver values amounting to $15 a ton. At the present time the management is driving on the 1,400 foot level, which is the deepest part of the mine, in the hopes of Intercepting the lode at depth. The United Copper Co. has entered a new field having acquired some coal properties in Pennsylvania. An expert examination of this land resulted in a valuation of uuu being named.

COURSE OF THE STOCK MARKET. Range of average rices of dustrlals follows: Highest av. price 20 Lowest av. price 20 railroads. Highest av.

price 20 Lowest av. price 20 railroads. Highest av. price 20 Lowest av. price 20 Highest av.

price 20 Lowest av. price 20 railroads. Highest av. prica 12 industrials. Lowest v.

price 12 industrials. Highest av. price 12 Industrials. Lowest ar. price 12 industrial.

Highest av. price 12 mdnstrial. Lowest av. price 12 Highest av. price 12 industrial.

Lowest av. price 12 12 Imc-reiALa to Seo 26. 88.75 Declined to Oct 12 'Mi. 81.74 KaiHad to Nov 12, "06, Declined to Dec Rallied to Declined to 19. "07, R-Hied to Sep 10,97, Declined to Nov 8, "97, B-Med to Jan 7 '98.

44.90 88.59 42 IS 88.49 65.82 45.65 50.67 Declined to Mch 25 42.00 Ra'lied to Jun 10.98. 53.71 Declined to Jun 16. 9R. RO R7 Rallied to Aug 26, "98, 60.97 Declined to Oct 19. 98.

Bl.r.fi Rallied to Jan S0.99. 65.02 Declined to Feb 7.99. 61.95 Rallied to Apr 25. TO. 77.28 Declined to 67.51 Rallied to Sep 5,99, 77.61 Declined to Dee 18.

"99. 58 31 Rallied to Jan 2. "00. 68.1$ Declined to Jan 11. '00.

68.27 Rallied to Feb 5, '00, 68.38 Declined to Mch 9, '00, 61.11 Rallied to Apr 6,00, 66.15 Declined to May 15, 00, 56.62 Rallied to Jun 59.88 Declined to Jon 23, '00, 63.68 Rallied to July 23, '00, 59.02 Declined to July 31, '00, 66.80 Rallied to Aug 15, '00, 58.90 Declined to Sep 24,00, 52.96 Rallied to Nov 20. '00, 69.07 Declined to Dee 8, '00, 63.98 Rallied to Dec 27, '00, 71.06 Declined to Jan 19,01, 64.77 Rallied to Mar 75.93 Declined to May 9, "01, 67.38 Rallied to May IS, "01, 71.92 Declined to May 14, '01, 69.59 Rallied to May 18, '01, 78.86 Declined to May 20, '01, 72.76 Rallied to Jun 17, '01, 78.26 Declined to July 15, '01, 69.48 Rallied to 72.94 Declined to Aug 6, '01. 69.05 Rallied to Aug 26, "01, 73.83 Declined' to Sep 67.25 Rallied to Sep 20, '01, 70.47 Declined to Oct 6. '01, 63.48 Rallied to Nov 11, '01, 66.52 Declined to Dee 12, '01. 61.61 Rallied to Feb 7, '02, 65.31 Declined to Feb 20,02.

64.68 Rallied to Mch 21. TO. 67.62 Declined to Apr 10, '02, 65.95 Rallied to Apr 24, '02, 68.44 Defined to May 19, '02, 64.73 Rallied to May 24, '02, 66.82 Declined to Jun 24, '02, 63.67 Rallied to July 28, '02, 67.28 Declined to Aug 21, '02, 65.83 Rallied to Sep 19, '02, 67.77 Declined to Sep 29, '02, 64.07 Rallied to Oct 802, 6C.58 Declined to Oct 11, '02, 63.84 Rallied to Oct 17,02. 66.57 Declined to Nov 14, '02, 60.62 Rallied to Nov 21, '02, 62.94 Declined to Dec 15, TO, 69.67 Rallied to Jan 8, '03, 66.83 Declined to Jan 20, '03. 64.19 Rallied to Feb 16, TO, 67.70 Declined Mch 10, '03, 63.90 Rallied to Mch 20.

'03, 5.75 Declined to Apr 13, '03, 60.79 Rallied to Apr 21, '03, 64.56 iwJined to Jun 10, '03, 56.78 Rallied to Jun 12, '03, 69.38 rwliiH to Aug 8, '03, 47.88 Rallied to Aug 17, TO, 63.88 Declined to Nov 9, '08, 42.15 Rallied to Dec 2903, 49.85 Declined to Jan 604, 47.07 Rallied to Jan 2704, 60.60 Declined to Feb 2404. 46.71 Rallied to Mch 804, 48.00 Declined to Mch 1204, 46.41 Rallied to Apr 704, 49.98 Declined to May 1804, 47.4$ Rallied to Dee 604, 73.23 Declined to Dec 12, TO, 66.77 Rallied to Apr 14. TO, 83.75 Declined to May 805, 74.52 Rallied to May 12, TO, 78.05 Declined to May 2205, 71.87 Rallied to Aug 2305. 82.82 Declined to Sep 705. 78.60 Rallied to Nov 105, 84.14 Declined to Nov 18, TO, 80.83 Rallied to Jan 1906,103.00 Declined to Mch 92.90 Rallied to Mch 13, TO, 96.96 Declined to MchJ906, 93.05 Rallied to Apr 808, 98.19 Declined to Apr 1006, 95.05 Rallied to Apr 1406, 87.02 Declined to May 806, 86.45 Rallied to Jnn 406, 95.19 Declined to July 13, '06, 85.18 Rallied to Oct 906, 96.75 Jallied to Dec 1106, 95.89 Declined to 24, TO.

92.94 Rallied to T07, 96.87 docllned to 2, TO. 90.48 Rallied to Feb 1807, 93.39 Declined to Mar 1407, 76.23 Rallied to Mar 1607, 83.69 Declined to Mar 2507, 75.89 Rallied to Apr 1007, 81.78 Declined to Apr 1507, 81.40 Rallied to 807, 85.02 Rallied to 807, 79.92 Closed 807, 79.92 Laat year Jun 906, 98 20 railroads and 12 in 1907 1907 1906 1906 1902 1903 1900 1896 1907 1907 1906 1906 1902 1908 1900 1896 Jan. 5, 181.95 Mar. 25, 9827 Jan. 22, 188.86 May 120.80 Sep.

9, Sep. 28, Dec. SI, Aug. 8. Jan.

7, Mar. 25, Jun 1, TO, Sep 5, TO, Dec 22, TO. Jan 2, TO, Jan 11, TO, Feb 6, TO, Mch 8, TO, Apr 7. TO. 129JI8 88.80 41.82 96.37 75.89 Jan.

19, 103-00 July 18, 85.18 Apr. 24, 68.44 Nov. 8, 4111 Dec. 27. 71.04 Aug.

8. 28.48 20 Railway Sep 28, TO, 5021 Oct 12, 96, 47.51 Nov 10, TO, 66.08 Dec 18. TO, 49.98 Mch 16, -97, 64.21 Apr 19, 48.12 Sep 17, 6723 Nov 8,97, 57.45 Feb 10, TO, 66.82 Apr 21, TO, 65.89 Jua 6, TO. C7.23 July 19, TO, Aug 26, TO, Oct 24, TO, Feb 20, TO, Mch Apr 64.80 70.15 66.66 84,92 6. "99.

tlM S.TO, 87.04 77.88 T2.48 7a8f 75.96 80.61 7T.69 82.91 May 12, TO, 76.58 Jun l.TO, 79.98 wn 23, TO, July 23, lid, July 3000, Aug 15, TO, Sen 24, TO, Nov 80, '00, Dec 800, Jan 1201, Jan 1901, 72.99 77.65 75.75 78.06 73.77 88.88 87.21 97.85 93.58 May 101.117.86 May 9, "01,103417 May 1001, 110.06 May 14, '01, 104.54 May 1701, 11025 May 27, '0L 108.53 Jun 1701,117.65 July 15, TO, lOCM July 18, TO, 111 JO Aug 501,104.86 Aug 28, TO, 111.69 Sep IS, TO, 105.80 Sep 2L TO, 110.82 Oct 7, '01, 10620 Nov 22, TO, 11521 Dec 12, TO, 110.08 Feb 1002,11528 Feb 20, TO, 113.83 Apr 8, TO, 117.18 Apr 10, TO, 116.95 May 1, TO, 121.88 May 19, 17.48 Jun 1802,121.45 Jun 25, TO, 119.72 July 2602. 127.16 Aug 18, TO, 12521 Sep 902,12928 Sep 2902,120.41 Sep 80, TO, 12178 Oct 8, TO, 118.97 Oct 17, TO, 128.93 Nov 14. TO, 118.70 Nov 24. '02, 118.50 Dee 1102,118.08 Jan 908,12128 Jan 24, '03, 11821 Feb 903,120.19 Mch 10, '03, 110.61 Mch 20, TO, 113.62 Apr 13, '03, 105.75 May 403,11022 Jun 10, TO, 99.40 Jun 12, TO, 103.88 Aug 803. 90.70 Aug 1803, 9824 Sep 28, TO, 88.80 Dec 29, '03, 98.94 Jan 601, 95.61 Jan 23, TO, 99.78 Feb 2404, 91.83 Mch 404, 93X19 Mch 1401, P121 Apr 11, TO, 97.68 May 1604, 98.66 Dee 804,119.48 Dee 1204,1183 Mch 18, TO, 12728 May 4, TO, 1172S May 12, '05, 120.01 May 22, TO, 11422 Aug 2905, 132.19 Sep 7, TO, 12727 Oct 2305,182.65 Noc 1305,127.91 Jan 2206,13826 Mch 606,128.64 Mch 18, TO, 131.46 Mch 19, TO, 128.96 Apr 206,183.13 Apr 10, TO, 180.07 Apr 16, TO, 132.66 May 8, TO, 12020 Jun 1106,181.05 July 2, TO, 121.76 Sep 1706,13724 Dee 1106, 18728 Dee 24, TO, 12827 Jan 607,131.95 Fab 407,119.68 Feb 1607,122.94 Mar 1407, 99.71 Mar 16, TO, 108.71 Mar 2507, 9827 Apr 607,110.48 Apr 1507, 105.56 May 207,110.41 Jun 8, '07, 102.WJ Jun 807,102.96 Jun 906, 129.71 Erie 7 APRIL ANTHRACITE PRODUCTION.

-5 TOTAL OF 6294,272 TONS WAS EXCEEDED ONLY IN MAY, 1005. Increase of Tone Compare With Strike Period Last Year All Companic Increased Tonnage Over April But Reading, Lehigh Valley and Erie May Consumption this Year Extremely Heavy Recent Yeare. The anthracite coal output in May was very heavy, 5,994272 tons, an amount exceeded only In May 1906. The present May figures compare with one of the strike monthe of last year, so the comparative increase Is a very la.rge one, 2,740,042 tons. The Reading, Lehigh Valley, and Erie shipped less coal in May than In April of this year, but the other companies increased their ton-nage over that month.

The output in Mav for several recent year has lieen (in tons) 1907 1906 1905 1904 1903 6,004272 8 254230- 6,005,158 6.185.070 R.156.449 The months of largest production have been: May 1905 May 1907 Jan. 1903 Ara.1907 6,005,158 6,994,272 6,964.950 5516,583 The consumption of coal in May. as in Anril. this year, was extremely heavy. Every producing company bad a full order book all month, and was compelled to transfer unfilled orders into June.

The total consumption for May waa apparently over 6.000.000 ton, as thee. w. a decrease of 28,000 tons in tide water stocks during th month. The shipments in May by the producing companies were as follows (in tons) COMFANY May 1907 Philadelphia A Readine- 1249.133 2nsi Lehigh Valley 963.552 16.07 Central Rf 818256 13.6S Delaware, Lack A Wett 924,693 15.43 Delaware A Hudson 69.1.109 9.89 Pennsylvania. Ontario Western C.

R. R. of N. J. D.

L. A Erie A 15.65 11.70 13.35 9.60 11.40 11.20 3.10 YEAR 1907 5,451,068 4,551,318 3,503,635 4,303,237 D. A Penna 2,498,216 Erie 2,869,568 A 1,128,373 Total 26,960233 16.72 12.53 16.23 8.18 8.29 9.93 4.60 565,608 9.44 544,730 10.76 235,131 3.92 Mat 1906 604,422 478,158 897,050 615,033 368,070 286,026 86,818 149,653 7 18.57 1220 18.90 11.31 8.79 10.94 4.00 Tl'- 5,994272 100 3,254,230 100 The output of coal to the end of Miv Mil. 26560.335 tons, an increase of 7250,552 tons. Last year up to this date the production wa3 19,709,783 tons, but the strike in April and May cut down the other recent year the tonnage to the end of-Msy.

ww 1P05 1904 1903 Tons 24.872.915 23.428.412 9 im The anthracite coal trade at the end of Mav was morj than 500,000 tons ahead of any other year. The demand for coal is larger at this time than at the same time in any of the year named, and 8,087,390 tons ahead of 1905 which was the largest producing year. The prospect, therefore, is that 1907 will be a record year of production. Up to May 31 the companies had increased their tonnage over last year as follows: Readine-. 1.491.144 tim- Lehirh Valley.

1.221.012 tons: Central R. nf New- Jersey. 1,042,351 tons; Delaware. Lackawanna A Western, tons; Delaware at Hudson, 624,968 tons; Pennsylvania Railroad, 772,693 tons; Erie, 863.486 tons; Ontario western, 33,719 tons. The actual shipments this year and last, to May 31, with their percentage to the total were as followe: COMPANY P.

A L. P. CT. YEAR 1906 P. CT.

20.22 3,959,924 20.0! 16.88 3,327,306 16.88 13.0H 2,461,284 12.43 15.96 3,373.058 17.14 9.R8 2,039,950 10.35 9.27 1725,523 8.7o 10.61 1.996,082 9.98 4.18 854,656 4.31 100.00 19.709,783 100.0J The percentage allotment of the different companies and the percentage of the total tonnage shipped by each, reeev it periods have been: A V. LAW A Allot. 1901 20.50 19.83 1905 20.48 16.40 13.00 15.56 9.19 7.96 10.14 4.63 1906 20.21 15.32 12.54 16.52 9.60 8.72 10.12 4.89 1st qr. 1907 1921 17.20 12.55 16.71 10.02 9.32 10.60 4.39 Apr. 1907 22.17 16.90 13.47 14.59 9.52 8.96 10.46 8.93 The stocks of coal at tidewater on May 31st were 518201 tons, as compared with 547,022 tons on April 30th, a decrease of 28,821 tons, 799,779 tons on March 31st, 698,121 tons on Feb.

28, 650,842 tons on Jon. 31st and 583,. 125 tons on Dec. 31st, 1906. -Buissfxa or tub tariff strugglr MAY 1907 20.84 16.07 13.05 15.43 9.89 9.41 10.76 3.92 As saVcllug tne condition of fenersl botlness In the nesr future, tbe n.w jtrmaD tariff agTPtmeut will bear watcntn.

Irons- Inter rut Is Ix-lnf nisnlfrstcd tn tbe terms of the new agreement with Uermaajr by textile and allied manufacturers who are snilous to know bow It Is IlkHy to affect tnem. too agreement Is rf nrtoj as important not oulj from the Immediate prrsent standpoint, but because It presages still more radical action. If such can be obtained I'jr the a'liulolstratlon from Congress. This means that those who do not wsnt to see th conditions of admission German goods made msterlsllf essler will bavo the "fight of thrlr lives" on their hsnds next Winter. Tbej will be compelled to exert themselves, too.

If ther propose to seo things mslntulned In their present condition for very long. It is an nudnubted fart that there Is now beginning a tariff struggle which will laat until after the next Presidential election. tnlted States Investor. FRANK B. GILBRETH GENERAL CONTRACTOR MAIN OFFICE 34 WE8T SOTH STREET, NEW YORK WESTERN OFFICE t04 MISSION SAN FRANCISCO CANADIAN CORRESPONDENT DOMINION ENGINEERING A CONSTRUCTION COMPANY, MONTREAL SUMMER TOURS TO COLORADO The drr.

erlsp mountain air of the Rockies is at Its best In Summer. Ko mors healthful Journey can be uu than a trip to this groat Resort. Very Low atatca Denver Colorado Springs Pueblo AND BETU-N Tickets oa sale vry day une 1 to Sept 80, IB07 VIA Union Pacific For rates and full Information Inquire of St. TTNBBOFXK. 6a'l E-ntera Afjcat.

17 BroaJwmy. M. V. FRED ROBERTS AUDIT CO. Accountancy In All Branche (6 Vail Stmt New York TcUp-aws Ml Ma W.

a BARSTOW I no, KHAtlltllltBa BsUwar, I4k Vows Vlaau, fataslrlat EW YosUC Tk)MTInI7, OU MONIRBAU CAS Pins M. Ban- of Ottawa Bid. DOREMUS CO. Advertising Agents tUv removed from 44 Broad St. TO 15 WALL ST.

Coraar Broad TELEPHONE) 3 BROAD.